1. Your weekly shop costs more

Inflation is the increase in the price of goods and services over time. The Bank of England wants prices to rise at a rate of 2 per cent a year. That’s what economists consider the goldilocks zone: it’s not so low that it stifles growth, and it’s not so high that it makes living costs unsustainable.

We usually measure inflation with the Consumer Prices Index. The CPI looks at a “basket” of everyday items that reflect Brits’ spending patterns to see how prices are changing.

The price of goods and services in the UK is particularly affected by the value of the pound because Brits tend to rely on imports – especially when it comes to buying physical goods like food and raw materials.

When sterling falls, the pound doesn’t go as far as it used to abroad. That leaves UK supermarkets and retailers out of pocket. They pass the costs on to consumers in the form of higher prices.

Remember the Marmite drought of 2016, when Tesco took the divisive spread off the shelves? That was because Marmite’s owner, Unilever, had wanted to raise prices by 10 per cent to make up for money it lost when the pound plummeted after the Brexit vote.

2. The average holiday costs 35 per cent more than it did before the vote

It’s not just at home where Brits are worse off post-Brexit.

According to the Hotel Price Index, holidays to Europe are now 35 per cent more expensive and 90 per cent of the most popular international destinations cost more to visit. Hotels.com, who compile the data using a large sample size, put this down to a weak pound post-referendum.

Although EY notes that “the majority of firms are maintaining their commitment to the UK”, and more than a third of companies have yet to announce their position on staff changes post-Brexit.

One of the things that has made the UK attractive for financial services companies in recent decades is the fact that our membership of the EU means that firms can be part of the “passporting” scheme.

Passporting means that once you can show regulators that you’re fit to do business in one EU member state, you can start trading in all of the other member states, without having to complete 28 separate approval processes.

It’s not clear whether the UK will be able to stay a part of the passporting scheme when we leave the EU. If we can’t offer companies passporting rights, the UK will become significantly less attractive for businesses.

Is it all doom and gloom?

Mr Carney’s speech ruffled feathers among pro-Brexit campaigners, with Professor Patrick Minford of the group Economists for Brexit accusing him of “irrational scaremongering”.

Professor Minford argues that the opportunity for “unilateral free trade” – the ability to make our own trade agreements with other countries once we leave the EU – will bring greatly enhanced economic prosperity to Britain.

Indeed, even the weaker pound is not without its upsides, as it makes UK exports relatively cheaper for foreign buyers. In theory, this could be a boost to British businesses who want to sell products abroad.

But as Professor Minford acknowledges, these benefits would take a while to materialise.